ICBC(SH:601398) Guan Cha Zhe Wang·2025-09-06 13:03Core Viewpoint - Yi Huiman, the former chairman of Industrial and Commercial Bank of China (ICBC) and current vice chairman of the National Committee of the Chinese People's Political Consultative Conference, is under investigation for serious violations of discipline and law, marking a significant fall from grace in his career [1][8]. Career Development and Achievements - Yi Huiman was born in December 1964 in Cangnan, Zhejiang, and graduated from Zhejiang Banking School in 1984, which is known for training financial elites in China [3]. - He began his career at the People's Bank of China and joined ICBC in 1985, where he held various positions, including branch manager and provincial branch president, demonstrating a rapid rise through the ranks [3][4]. - Under his leadership, ICBC's Jiangsu branch improved its performance ranking from 9th to 4th in the system between 1999 and 2004 [4]. - Yi became the president of ICBC in 2013 and later the chairman in 2016, during which the bank's total assets grew from 18.92 trillion yuan in 2013 to 27.7 trillion yuan in 2018, with revenue increasing from 536.9 billion yuan to 773.8 billion yuan [4][5]. Regulatory Role and Market Impact - In January 2019, Yi transitioned from being a market participant to a regulator as he was appointed chairman of the China Securities Regulatory Commission (CSRC) [4]. - During his tenure, the A-share market experienced fluctuations, with the Shanghai Composite Index rising from 2600 points to a peak of 3731 points in February 2021, before adjusting to 2865.9 points by February 2024, reflecting a total increase of approximately 10.36% [4][8]. - Yi Huiman was instrumental in implementing significant reforms in the capital market, including the introduction of the registration system for the Sci-Tech Innovation Board and the ChiNext Board [5]. - The public fund industry saw substantial growth during his tenure, with the scale increasing from 14.7 trillion yuan in January 2019 to 27.27 trillion yuan [6]. - A total of 1886 companies went public during his five years at CSRC, raising 2.2 trillion yuan in funds, with an annual average of 500 billion yuan in new stock financing [7]. Fall from Grace - Yi Huiman was removed from his position at CSRC in February 2024, shortly after which he was appointed as vice chairman of the National Committee, a move speculated to be linked to the poor performance of the Chinese stock market [8]. - His case draws parallels with another alumnus from Zhejiang Banking School, Lou Wenlong, who was also investigated for serious violations [9]. - The investigation into Yi Huiman and the recent scrutiny of other CSRC officials, including Vice Chairman Wang Jianjun, suggest a potential wave of anti-corruption efforts within the regulatory body [10].